20 Escudos 4th. print

Waterlow & Sons printed several generations of Banco de Portugal notes during the 1920s, and this fourth printing of the 20 Escudos sits in a series defined as much by financial scandal as by engraving quality. In 1925 — the same year this note was issued — Waterlow printed an enormous fraudulent run of Portuguese 500 Escudos notes for the swindler Artur Virgílio Alves Reis, using genuine plates under a forged contract. The fraud went undetected partly because Waterlow's legitimate and illegitimate output were physically indistinguishable.

The scandal ultimately forced the redesign of the entire Portuguese note series and destroyed Waterlow's banking reputation. This 20 Escudos note predates the collapse but shares its production year with one of the most audacious currency frauds in European history.